The Trump administration’s regulatory czar claims agencies are ahead of schedule in achieving President Trump’s order to cut two rules for every new rule issued.
Neomi Rao, administrator of the Office of Information and Regulatory Affairs (OIRA), said the agencies have finalized four new rules and 10 deregulatory rule-makings.
In a call with reporters on Friday, Rao claimed the administration’s efforts to cut regulatory red tape have generated $300 million in annual cost savings though she did not go into detail about how the figure was calculated or what rules contributed to the savings.
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Trump plans to give a speech at the White House on Monday touting his deregulatory efforts. The event comes in the midst of a push to overhaul the nation’s tax code following multiple failed attempts to repeal ObamaCare.
Rao said the administration views regulatory reform as a link to achieving “economic growth, job creation and spurring innovation.”
A senior administration official said the $300 million in annual cost savings comes from a “variety of actions,” including the delay of the fiduciary rule. Portions of the Obama-era rule directing financial advisers to act in the best interest of their clients was pushed back until July 1, 2019.
Following Trump’s speech, a senior administration official said 10 agencies will hold breakout sessions at their offices on how to make regulations more efficient and less burdensome.
Participating agencies include the departments of Agriculture, Commerce, Education, Energy, Health and Human Services, Interior, Labor, Transportation and Treasury and the Small Business Administration.
The Environmental Protection Agency is not on the list, a senior administration official said because it has already held several listening sessions and solicited comments from the public.